210 Lower Via Casitas, Greenbrae, CA 94904
Size: 23 Units
Price: $8,250,000
The Azucena Group of Marcus & Millichap has been exclusively selected to market the sale of 210 Lower Via Casitas. This is a rare opportunity to own an apartment complex in the heart of Greenbrae, located in Marin County which is north of San Francisco.
210 Lower Via Casitas is a 23-unit complex that offers all the desired amenities while located in an ideal area. The unit mix consists of (2) Studios, (9) 1 bedroom / 1.5 bathroom, (11) 2 bedroom / 1.5 bathroom, and (1) 2 bedroom / 2.5 bathroom townhouse. The common area amenities include a pool, a laundry room with three washers and dryers (that accept both cash and credit), plus individual storage lockers in the carport. The unit amenities include a spacious room, kitchen with all the needed appliances (refrigerator, dishwasher, garbage disposal, oven, and stove), a walk-in closet, along with a balcony or patio.
Take a tour inside one of these spacious units.
Built in 1975, 210 Lower Via Casitas has been under its current owner for over 25 years. They have worked to upkeep the property and consistently upgrade it. Among the most recent improvements are a new fence around the pool and new support beams under the carport (added in 2019). The complex was repainted in 2015 while new doors and windows were installed in 2014. As of July 2021, there are no deferred maintenance or other issues that may hinder the tenant’s quality of life.
Greenbrae is predominantly a residential community with some centers of commerce. The property is located next to the Bon Air Greenbrae Shopping Center while Drakes Landing Office Park is a short drive away. Residents also have easy access to Highway 101, allowing them to reach San Rafael or Highway 580 to Richmond in the north and San Francisco to the south.
The average household income in Greenbrae is over $193,000 annually. However, the average median home price is over $1.4M (as of June 2023). Meanwhile, the development of new properties is extremely restricted due to the limited land along with the number of wildlife preservations. This places homeownership out of reach of most residents while creating a strong pool of renters.
Investment Highlights
Property is next to Bon Air Greenbrae, which has over 30 restaurants shops, restaurants, and other services.
Residents are a short drive away from Drakes Landing office park, which has over 20 offices that provide legal, medical, and financial services.
High home prices and limited development opportunities have created a strong pool of apartment renters.
Its location allows residents easy access to San Francisco either with Highway 101 or the Larkspur Ferry Terminal, which is a short drive away from the property.
Some of the units present an excellent opportunity for an owner/user.
Among the ideal renters are medical professionals working at MarinHealth Medical Center along with tech workers and financial professionals who work in San Francisco.